FEG ABSOLUTE ACCESS FUND LLC AMENDMENT OF LIMITED LIABILITY COMPANY OPERATING AGREEMENT
AMENDMENT
OF LIMITED LIABILITY COMPANY OPERATING AGREEMENT
WHEREAS,
pursuant to Section 8.1(a) of the January 18, 2008 Limited Liability Company
Operating Agreement (the “Agreement”) of FEG Absolute Access Fund LLC (the
“Company”), this Amendment to that Agreement has been consented to in writing by
a majority of the Membership of the Company;
NOW, THEREFORE, Section 3.8(b) of the
Agreement is hereby amended as follows:
“The
Investment Manager will receive from the Company a monthly management fee
(“Management Fee”) equal to 0.2125% of the Company’s month-end Net Asset Value,
prior to reduction for the Management Fee then being calculated (a 0.85% annual
rate). The Management Fee will be paid monthly in arrears and will be prorated
with respect to investments in the Company made other than at the beginning of a
month. The Investment Manager may waive, reduce or rebate the
Management Fee with respect to any Member, including affiliates of the
Investment Manager, without entitling any other Member to a similar waiver,
reduction or rebate.”
IN
WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of
July 12, 2010.
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